Business Email Compromise (BEC) fraud is a growing problem for businesses and individuals alike. According to the FBI, BEC fraud losses have surpassed $3 billion in 2019, making it one of the most costly cybercrimes. BEC fraud is a type of scam in which criminals use fake emails, websites, and other tactics to impersonate legitimate businesses or individuals in order to steal money or sensitive information.

The FBI has reported that BEC fraudsters are increasingly turning to pig butchering and investment scams as new methods of stealing money. In a pig butchering scam, criminals will send fake emails offering to buy pigs from a legitimate business. The emails will ask for payment upfront, but the pigs never arrive. In an investment scam, criminals will pretend to be a legitimate business or individual offering a high-return investment opportunity. Victims are asked to send money upfront, but the promised returns never materialize.

In addition to these scams, BEC fraudsters are also using other tactics such as spoofing emails and creating fake websites. Spoofing involves sending emails that appear to be from a legitimate business or individual, but are actually from a criminal. Fake websites are designed to look like the real thing, but are actually controlled by criminals who use them to collect sensitive information or steal money.

The best way to protect yourself from BEC fraud is to be aware of the tactics used by fraudsters and to take steps to protect yourself. Be wary of any emails or websites that seem suspicious or too good to be true. Never send money or sensitive information in response to an email or website that you don’t trust. Additionally, make sure your computer and other devices are secure and up-to-date with the latest security patches.

BEC fraud is a serious problem that can have devastating consequences for businesses and individuals alike. It is important to be aware of the tactics used by fraudsters and to take steps to protect yourself. By following these tips, you can help protect yourself from becoming a victim of BEC fraud.

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